3 Tips to Get the Best Mortgage Rates

One of the most important aspects of buying a home is finding a good deal on your financing. If you’re after the best mortgage rates in Walla Walla, here’s how to make sure you find them:

Know the cost

Before you look around for mortgage rates, make sure you know how much you can afford to spend. Do the math. Some first-time home buyers only save enough for a down payment. But you’ll have a ton of other costs you’ll need to consider such as closing costs. That’s going to be about 3 percent of the purchase price of the home, says Nerd Wallet. That means you’ll need to save more than enough for your down payment to make sure all your other expenses will be covered.

Look for special programs

You might qualify for special programs so check these out before you go any further with your loan application. Some of these programs include VA loans which are ideal if you or your spouse are active military or veterans. FHA loans are a great option for you if you’re buying homes for the first time since they offer down payments as low as 3.5 percent. USDA loans are a great choice if you live in a rural area and first-time homebuyer programs can provide you with all the assistance you need.

Check out credit union groups

Banks aren’t often forgiving of low credit scores and might charge you high fees. Learn to look beyond banks then and check out your other options for getting financing. These include credit union groups. Many of these companies might offer excellent mortgage rates in Walla Walla so you won’t have to look far and wide to find a good deal and save on costs.